Sponsored by MetLife.
Early 2024 is the perfect time to outline your goals for the year ahead. As business owners, many of us have professional goals specific to our companies, such as increasing revenue, attracting and retaining talent, training and development, and supporting the mental health and overall well-being of our employees. Masu.
New Year’s resolutions are a nearly universal experience. Your employees are likely already working on goals, such as improving their physical and mental health, learning new skills, focusing on budgeting and finances, or traveling to new locations.
So how can you provide resources that support your employees’ personal commitments while working toward your organization’s goals? Today, I’ll share four ways to do just that.
1. Providing medical insurance that supports physical health
Health insurance is not only a very popular benefit, but also one of the best ways employers can promote the physical health of their employees.According to MetLife Life’s Employee Benefit Trends Survey (EBTS) 2023 A deep dive into small business trends, 71% of small business employees are concerned that their employer offers health insurance. Having said that, 44% Percentage of small and medium-sized employers that currently do not offer health insurance to their employees. Lack of health insurance coverage is a barrier to health care access and can negatively impact the health of U.S. employees. Disease Prevention and Health Promotion Office.
Not offering health insurance to your employees can have several disadvantages. Here are some common drawbacks.
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- Employee recruitment and retention: Small businesses may have difficulty competing with larger companies that offer comprehensive health benefits packages, which may place them at a competitive disadvantage in the labor market. Because health benefits are an important factor for job seekers, small businesses may find it more difficult to attract top talent.
- Higher turnover: Employees are more likely to take a position with better benefits, which can lead to higher turnover.
- Impact on productivity: Concerns about medical bills and health issues can distract employees and affect their productivity and focus on work.
- Employee health and well-being: Employees without health insurance may delay seeking medical care due to financial constraints, which can lead to more serious health problems over time.
- Impact on overall business health: Employee health and well-being are closely linked to performance. Unhealthy employees may not be able to perform at their best, which can impact the overall health of your business.
By investing in medical benefits and providing your employees with access to health insurance, you can overcome barriers to caregiving and ultimately better support the physical health of your hardworking staff. Providing health insurance is costly, but the potential long-term benefits in terms of employee satisfaction, productivity, and overall business success often outweigh the disadvantages.
2. Mental health resources
It’s no secret that in today’s world, all our personal and professional lives are becoming increasingly interconnected. This, of course, means that external factors can have a huge impact on how employees fare at work.as 92% The impact of providing mental health resources cannot be ignored, as a percentage of all workers report that working for an organization that values emotional and psychological health is important to them.
according to MetLife and U.S. Chamber of Commerce Small Business Index, mental health support has become a higher priority for many small business owners. 68% of small businesses report using at least one resource to support the mental health and well-being of their employees. For some employers, this means encouraging employees to take mental health leave while on the job, offering mental health days or flexible paid time off, covering treatment within health insurance plans, or That might look like having an employee assistance program.
It’s safe to say that the importance of mental health will never diminish. If you haven’t already, consider implementing a program to support employee mental health this year.
3. Supporting financial health
According to the 2023 EBTS, more than 7 in 10 small businesses say helping employees make better financial decisions is a key benefits goal. However, 4 in 10 small business employees report poor financial health, which has a significant impact on other areas of health, including physical, mental and social well-being. may give. Therefore, small business employers must supplement salaries with other resources and voluntary benefits that can promote financial health, such as financial planning tools, educational workshops, and commuting benefits.
4. Paid time off opportunities
As we start the year, vacation will definitely be a top priority for your employees. With fluctuating work hours, staffing constraints, and limited resources, it’s no wonder that providing paid time off can be difficult for some small businesses. However, 2023 EBTS data shows that taking paid time off is associated with a variety of outcomes. Among small business employees with paid time off, 70% say they are satisfied with their jobs and 40% say they are generally healthy.
As small business owners, we are in a unique position to help our employees work towards their personal goals this year. There’s no doubt that we all prioritize recruiting and retaining our teams. Benefits and resources like the ones listed above can ultimately help you achieve your business goals and increase employee satisfaction.Which of these resources will be most beneficial to your employees? and What are your business goals for 2024?
Although this is a sponsored post, the views expressed in this article are those of the author, Melinda Emerson.
About the sponsor:
MetLife Small Business Exclusive Website has more information and resources for small business owners looking to find the right mix of benefits to help attract and retain top talent. You can also consult with small business experts and help you and your employees plan your business with confidence. Find out how MetLife can help you achieve your business goals and give your employees the benefits they want.
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